March 16, 2022
1,000,000 ALGO awaits to be taken home by early community members that bridge their BTC, ETH and other soon-to-be-released assets to Algorand via Algomint!
The rewards to be distributed will depend on the Total Value Bridged (TVB), the more that is bridged the greater the rewards pool for everyone! If you bridge BTC or ETH and do not unlock the goBTC or goETH from the time Algomint launched until the end of February 2022 you will be eligible for the rewards distribution. Which could be up to 1,000,000 ALGO!
110 users bridge BTC and 90 bridge ETH.
TVB = $15,000,000
Rewards = 200,000 ALGO
ALGOper eligible user = 1,000 ALGO! Regardless of the amount you bridged.
What does it mean?
● The higher the overall liquidity bridged, the bigger the reward bag for all!
● Everyone who bridges receives equal rewards, we really want to see as many people as possible entering the Algorand ecosystem. As you can see, we are encouraging decentralization with serious commitment.
● Those who are planning to bridge large amounts of BTC and ETH please go to algomint.io and fill in the support form for assistance, as we do have an operational process to support you!
● Unlocking (burning your go assets to retrieve the original BTC or ETH) before the date of this announcement will not be penalised, which means you will still be eligible for the reward if you have bridged assets early. But if you unlock from the date of this announcement you will no longer be eligible. But you can sell, swap, stake and LP your Algomint assets within the Algorand ecosystem without penalty!
You will remain eligible if you put your goBTC and goETH to good use via joining Algorand DeFi activities on platforms like AlgoFi, Folks Finance, etc., as long as you don’t do any unlocking via your Algomint account before the end of February.
● We will make TVB numbers publicly available for transparency, please pay attention to our socials and website with updates.
After bridging your BTC or ETH to Algorand via app.algomint.io, below are some additional DeFi options. Note that in Algorand, you pay negligible gas fees, so it’s a great time to explore!
1. AlgoFi is now on mainnet with joint incentive programs with Algomint coming soon. On AlgoFi you can deposit, lend, earn, and borrow. Please pay attention to their announcements on Twitter for our joint incentive reward programs!
2. Future Algomint partnerships to look forward to:
The story doesn’t just end here. As Algomint intends to play a central role in the growth of the Algorand DeFi ecosystem, we are working with below partner projects in the coming months. We will continually update in this article and also in our Guide document.
If you are a DeFi project and wish to partner with Algomint, please visit algomint.io to fill in the support form for assistance.